|Photo: Gerry Huberty / Luxemburger Wort / Wort.lu|
On the 5th, Grand Duchess Maria Teresa spoke at the launch event for Microlux, which offers the first microfinance program for people in Luxembourg. The institution focuses on providing finance opportunities for business start-ups and social entrepreneurs, through a network of volunteers. Microlux began operations in 2016, but this represents the official launch ceremony for the organization.
In her speech, the Grand Duchess commented on the reality of poverty and financial limitations within Luxembourg, with Microlux opening up financing opportunities to those who might not qualify for standard business loans. In addition to the credit program, Microlux also offers a coaching program to assist with business development.
François Bourgignon, formerly the Vice President of the World Bank, also spoke at the event, as did Maria Nowak, who founded Association pour le droit à l'initiative économique (ADIE) and served as President of the European Microfinance Network. ADIE, Appui au développement autonome (ADA), the European Investment Fund (EIF), and the Luxembourg-based bank BGL BNP Paribas are joint founders of Microlux.